The Rouse Company and Unconsolidated Proportionate Share Ventures Statement of Net Operating Income (In Thousands)
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The Rouse Company and Unconsolidated Proportionate Share Ventures Statement of Net Operating Income (in thousands) Retail centers For the three months ended June 30, 2002 2001 Unconsolidated Unconsolidated Proportionate Share Proportionate Share The Rouse Company Ventures Total The Rouse Company Ventures Total Minimum rents $ 92,478 $ 13,397 $ 105,875 $ 75,006 $ 13,018 $ 88,024 Percentage rents 2,368 256 2,624 2,840 195 3,035 Specialty retail rents 5,768 486 6,254 4,123 660 4,783 Other rents (note 1) 48,334 7,334 55,668 40,658 6,544 47,202 Other revenues (note 2) 6,756 256 7,012 8,472 710 9,182 155,704 21,729 177,433 131,099 21,127 152,226 Share of FFO of minority interest ventures (note 3) 2,743 - 2,743 2,379 - 2,379 Total revenues 158,447 21,729 180,176 133,478 21,127 154,605 Operating expenses 67,164 7,823 74,987 56,558 7,625 64,183 Net Operating Income $ 91,283 $ 13,906 $ 105,189 $ 76,920 $ 13,502 $ 90,422 Notes: (1) Other rents are comprised primarily of charges to tenants for operating expenses. (2) Other revenues are comprised primarily of parking revenues, management fees, lease termination payments and late charges. (3) Minority interest ventures include: Randhurst, Ridgedale Center, Southland Center, Staten Island Mall and other assets acquird in the Rodamco transaction. The Rouse Company and Unconsolidated Proportionate Share Ventures Statement of Net Operating Income (in thousands) Retail centers For the six months ended June 30, 2002 2001 Unconsolidated Unconsolidated Proportionate Share Proportionate Share The Rouse Company Ventures Total The Rouse Company Ventures Total Minimum rents $ 169,067 $ 27,150 $ 196,217 $ 149,229 $ 25,844 $ 175,073 Percentage rents 5,118 462 5,580 5,116 496 5,612 Specialty retail rents 9,777 1,102 10,879 7,273 1,194 8,467 Other rents (note 1) 88,910 13,760 102,670 83,599 12,744 96,343 Other revenues (note 2) 18,872 1,051 19,923 16,709 1,146 17,855 291,744 43,525 335,269 261,926 41,424 303,350 Share of FFO of minority interest ventures (note 3) 4,918 - 4,918 4,588 - 4,588 Total revenues 296,662 43,525 340,187 266,514 41,424 307,938 Operating expenses 124,797 15,181 139,978 113,292 14,585 127,877 Net Operating Income $ 171,865 $ 28,344 $ 200,209 $ 153,222 $ 26,839 $ 180,061 Notes: (1) Other rents are comprised primarily of charges to tenants for operating expenses. (2) Other revenues are comprised primarily of parking revenues, management fees, lease termination payments and late charges. (3) Minority interest ventures include: Randhurst, Ridgedale Center, Southland Center, Staten Island Mall and other assets acquird in the Rodamco transaction. The Rouse Company and Unconsolidated Proportionate Share Ventures Statement of Net Operating Income (in thousands) Office and other properties For the three months ended June 30, 2002 2001 Unconsolidated Unconsolidated Proportionate Share Proportionate Share The Rouse Company Ventures Total The Rouse Company Ventures Total Minimum rents $ 37,662 $ 605 $ 38,267 $ 39,174$ - $ 39,174 Percentage rents - - - 121 - 121 Other rents (note 1) 5,350 172 5,522 5,069 - 5,069 Other revenues (note 2) 6,165 303 6,468 6,061 - 6,061 49,177 1,080 50,257 50,425 - 50,425 Share of FFO of minority interest ventures - - - - - - Total revenues 49,177 1,080 50,257 50,425 - 50,425 Operating expenses 18,877 667 19,544 18,809 - 18,809 Net Operating Income $ 30,300 $ 413 $ 30,713 $ 31,616$ - $ 31,616 Notes: (1) Other rents are comprised primarily of charges to tenants for operating expenses. (2) Other revenues are comprised primarily of parking revenues, management fees, lease termination payments and late charges. The Rouse Company and Unconsolidated Proportionate Share Ventures Statement of Net Operating Income (in thousands) Office and other properties For the six months ended June 30, 2002 2001 Unconsolidated Unconsolidated Proportionate Share Proportionate Share The Rouse Company Ventures Total The Rouse Company Ventures Total Minimum rents $ 77,150 $ 605 $ 77,755 $ 78,476$ - $ 78,476 Percentage rents - - - 249 - 249 Other rents (note 1) 10,295 172 10,467 10,278 - 10,278 Other revenues (note 2) 11,966 303 12,269 12,350 - 12,350 99,411 1,080 100,491 101,353 - 101,353 Share of FFO of minority interest ventures - - - - - - Total revenues 99,411 1,080 100,491 101,353 - 101,353 Operating expenses 38,226 667 38,893 37,889 - 37,889 Net Operating Income $ 61,185$ $ 413$ 63,464 $ 61,598 $ 63,464 - Notes: (1) Other rents are comprised primarily of charges to tenants for operating expenses. (2) Other revenues are comprised primarily of parking revenues, management fees, lease termination payments and late charges. The Rouse Company Statement of Net Operating Income - Comparable and Noncomparable Properties (note) (in thousands) Retail centers For the three months ended June 30, 2002 2001 Noncomparable Comparable Noncomparable Comparable properties properties Total properties properties Total Minimum rents $ 78,630 $ 27,245 $ 105,875 $ 74,856 $ 13,168 $ 88,024 Percentage rents 1,998 626 2,624 2,240 795 3,035 Specialty retail rents 4,757 1,497 6,254 4,087 696 4,783 Other rents 41,173 14,495 55,668 40,115 7,087 47,202 Other revenues 5,646 1,366 7,012 6,940 2,242 9,182 132,204 45,229 177,433 128,238 23,988 152,226 Share of FFO of minority interest ventures 1,936 807 2,743 2,138 241 2,379 Total revenues 134,140 46,036 180,176 130,376 24,229 154,605 Operating expenses 55,283 19,704 74,987 54,176 10,007 64,183 Net Operating Income $ 78,857 $ 26,332 $ 105,189 $ 76,200 $ 14,222 $ 90,422 Note - Noncomparable properties consist of projects which, in 2002 or 2001, were acquired, disposed of, expanded, opened or prepared for disposition. Such properties include the following: Fashion Show, Franklin Park, Lakeside Mall, North Star, Oakbrook Center, Paramus Park, Randhurst, The Streets at Southpoint, Water Tower Place, Westdale Mall, the Village Centers in Columbia, Maryland, and additional interests in Collin Creek, Perimeter Mall and Willowbrook. Noncomparable properties also include South Street Seaport due to the effect on the center’s immediate market caused by the September 11, 2001 catastrophe. The Rouse Company Statement of Net Operating Income - Comparable and Noncomparable Properties (note) (in thousands) Retail centers For the six months ended June 30, 2002 2001 Noncomparable Comparable Noncomparable Comparable properties properties Total properties properties Total Minimum rents $ 155,689 $ 40,528 $ 196,217 $ 149,339 $ 25,734 $ 175,073 Percentage rents 4,332 1,248 5,580 4,152 1,460 5,612 Specialty retail rents 8,816 2,063 10,879 7,321 1,146 8,467 Other rents 81,229 21,441 102,670 82,338 14,005 96,343 Other revenues 12,581 7,342 19,923 14,151 3,704 17,855 262,647 72,622 335,269 257,301 46,049 303,350 Share of FFO of minority interest ventures 3,807 1,111 4,918 3,987 601 4,588 Total revenues 266,454 73,733 340,187 261,288 46,650 307,938 Operating expenses 108,268 31,710 139,978 107,758 20,119 127,877 Net Operating Income $ 158,186 $ 42,023 $ 200,209 $ 153,530 $ 26,531 $ 180,061 Note - Noncomparable properties consist of projects which, in 2002 or 2001, were acquired, disposed of, expanded, opened or prepared for disposition. Such properties include the following: Fashion Show, Franklin Park, Lakeside Mall, North Star, Oakbrook Center, Paramus Park, Randhurst, The Streets at Southpoint, Water Tower Place, Westdale Mall, the Village Centers in Columbia, Maryland, and additional interests in Collin Creek, Perimeter Mall and Willowbrook. Noncomparable properties also include South Street Seaport due to the effect on the center’s immediate market caused by the September 11, 2001 catastrophe. The Rouse Company Statement of Net Operating Income - Comparable and Noncomparable Properties (note) (in thousands) Office and other properties For the three months ended June 30, 2002 2001 Noncomparable Noncomparable Comparable properties properties Total Comparable properties properties Total Minimum rents $ 37,214 $ 1,053 $ 38,267 $ 38,644 $ 530 $ 39,174 Percentage rents - - - 121 - 121 Other rents 5,228 294 5,522 5,013 56 5,069 Other revenues 6,131 337 6,468 6,030 31 6,061 48,573 1,684 50,257 49,808 617 50,425 Share of FFO of minority interest ventures - - - - - - Total revenues 48,573 1,684 50,257 49,808 617 50,425 Operating Expenses 18,739 805 19,544 18,603 206 18,809 Net Operating Income $ 29,834 $ 879 $ 30,713 $ 31,205$ 411 $ 31,616 Note - Noncomparable properties consist of projects which, in 2002 or 2001, were acquired, disposed of, expanded, opened or prepared for disposition. Such properties include the following: the office components of Oakbrook Center and Water Tower Place and new projects at Hughes Center and Summerlin Commercial. The Rouse Company Statement of Net Operating Income - Comparable and Noncomparable Properties (note) (in thousands) Office and other properties For the six months ended June 30, 2002 2001 Noncomparable Noncomparable Comparable properties properties Total Comparable properties properties Total Minimum rents $ 75,971 $ 1,784 $ 77,755 $ 77,392 $ 1,084 $ 78,476 Percentage rents - - - 249 - 249 Other rents 10,040 427 10,467 10,099 179 10,278 Other revenues 11,839 430 12,269 12,107 243 12,350 97,850 2,641 100,491 99,847 1,506 101,353 Share of FFO of minority interest ventures - - - - - - Total revenues 97,850 2,641 100,491 99,847 1,506 101,353 Operating Expenses 37,800 1,093 38,893 37,363 526 37,889 Net Operating Income $ 60,050 $ 1,548 $ 61,598 $ 62,484 $ 980 $ 63,464 Note - Noncomparable properties consist of projects which, in 2002 or 2001, were acquired, disposed of, expanded, opened or prepared for disposition.